SINGAPORE - Many companies let their employees cash in their annual leave but few actually bother to tell their staff that the benefit is available, according to a new survey.
It found that 33 per cent of Singapore companies had not informed employees about the option, while 15 per cent said they had no intention at all of letting the workers know that holiday time can be turned into hard cash.
This was "worrying data", especially the 15 per cent, said Ms Debbie Ng, Singapore's director of benefits at consultancy Towers Watson, which carried out the survey.
Ms Ng told a briefing at the Fullerton Hotel yesterday: "You're not sharing those good things that you're giving to staff. Why? If you do, you're increasing employee understanding, which means increasing employee perception and will make them want to stay with you even more."
Ms Ng believes companies should improve their communication, given that 33 per cent of Singapore firms spend between 20 per cent and 40 per cent of total payroll on benefits while 3 per cent spend 40 per cent or more.
These include annual leave and dental insurance and gym membership.
Ms Ng said: "Singapore companies that spend more than 20 per cent of their payroll on benefits, that is a lot of money. So companies have to think about whether it is sustainable in the long term."
The survey also found that only 16 per cent of Singapore employers believe their benefits are highly valued by staff.